Which of the following factors is not a barrier limiting the entry of potential competitors into a market?
a. legally enforced patent rights
b. an inelastic demand for a product
c. licensing
d. control over an essential resource
b
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The price of a tomato increases and people buy more lettuce. You infer that lettuce and tomatoes are ________
A) complements B) normal goods C) substitutes D) inferior goods
M1 is a measure of
A) money and includes both currency and checking deposits. B) liquidity and in which the most liquid asset is money. C) money and includes both savings deposits and currency. D) money and includes both savings deposits and money market mutual funds.
Latin American economies have become relatively more closed to international trade since 1985
Indicate whether the statement is true or false
The fast-food industry is generally considered to be a constant cost industry in regards to its use of labor as an input. Why? a. Few people prefer to work in the industry
b. Available labor is in short supply. c. Firms use a relatively small share of unskilled labor in most cities. d. The productivity of the workers is relatively low.